en.Wedoany.com Reported - The Asian Development Bank (ADB) has approved two loans totaling $1.85 billion to support India's urban reform agenda and rooftop solar expansion program. Of this amount, $1 billion will support the Government of India's urban reform agenda, and $850 million will accelerate rooftop solar deployment. These loans aim to sustain momentum in urban investment and reforms, driving the transformation of cities into engines of economic growth and innovation.
ADB stated that the urban transformation and investment program will support the India Urban Challenge Fund, promoting reforms to strengthen the financial capacity of urban local bodies and expand access to commercial capital, including municipal bonds and other market-based financing. The program also modernizes urban governance through digital systems to enhance transparency, efficiency, and evidence-based decision-making, while advancing transit-oriented and resilient urban renewal and improving public space management. According to ADB data, Indian cities generate nearly 70 percent of new employment opportunities nationwide and contribute approximately 63 percent of the country's gross domestic product.
The Affordable Rooftop Solar Adoption Loan Facility focuses on scaling up rooftop solar deployment and lowering barriers to accessing clean energy. The program will provide training and certification to at least 6,000 people, at least one-third of whom will be women, and will promote new model solar villages and innovative distributed solar projects, strengthening the domestic clean energy value chain. The program will also enhance supplier accountability, promote women's participation in the distributed renewable energy sector, and improve the safe handling and recycling of solar photovoltaic panels and battery waste.
ADB expects that its support will help India achieve its target of 30 gigawatts of cumulative rooftop solar installed capacity, reduce emissions by 28.8 million tons of carbon dioxide equivalent, and expand access to affordable solar energy. ADB officials stated that these comprehensive measures aim to address capacity and financing constraints and attract investment to relevant sectors.
